Global Biological Drugs Market Will Grow at a CAGR of 10.1% from 2014 to 2020: Transparency Market Research
Albany, New York (PRWEB) September 30, 2014
The biological drugs market encompasses a class of medicine that is developed through genetic modification of monoclonal antibodies. Monoclonal antibodies naturally inhabit the human immune system and help the body in fighting from a variety of diseases. When these antibodies are genetically modified, they can be used to treat specific diseases. Biological drugs differ from normal prescription drugs in the sense that they can produce almost “pinpoint” accurate results and have the capability of tracking down the sites or cells that need to be treated. In theoretical terms, biological drugs are capable of finding diseases cells in such an effective manner that they make the treatment entirely safe and effective, with fewer side effects. Biological drugs are in many ways the answer to the key concern of effective and safe healthcare.
In actual use too, biological drugs have been found to be very effective against a number of chronic diseases. Often termed as “future drugs”, the market for biological drugs has been observing growth at an immense pace and is soon expected to surpass markets of normal prescription drugs for chronic conditions.
Browse Full Global Biological Drugs Market Market Research Report With Complete TOC at http://www.transparencymarketresearch.com/biological-drugs-market.html
- Market Statistics
The global market of these “medicines-of-the-future” is witnessing growth at a significant pace. Three factors are majorly responsible for this – rising percentage of world’s ageing population, rising prevalence of a number of chronic diseases, and growing awareness about benefits of biological drugs. In 2009, the global biological drugs market grew at a CAGR of 9.6% and expanded from US$1, 01,656.5 million in 2009 to US$1,46,548.2 million in 2013.
High success rates of biological drugs in effectively curing many chronic diseases such as arthritis, asthma, diabetes, and cancer in the past few years have prompted government associations in promoting usage of biological drugs over normal prescription drugs. Moreover, the research and development on the field of biological drugs presents immense growth potential for this market. All these factors will help the market in achieving market value of US$161,056.5 million in 2014. By the end of 2020, this market could amass net worth of US$287,139.7 million.
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Biological drugs have shown to have better health effects in the long run, with very few side-effects. Studies say that these factors lead to quick recovery and less additional treatment due to the lack of many side-effects. To the end user, the most attractive benefit of using biological drugs is the improvement in quality of life after being treated with these drugs.
Currently, there are only a few FDA-approved biological drugs in the market. The ones in market are formulated for chronic conditions such as asthma, diabetes, cancer, irritable bowel syndrome, etc. However, the realization of potential benefits of biological drugs has put them on fast track approval from the FDA. The development of biological drugs is occurring at such a rate that many of the newly introduced biological drugs have gained FDA approval within only a few days.
A major concern with the growth of biological drugs market is the high cost of these medicines. Biological drugs are currently priced at higher rates than normal prescription drugs. However, bulk production of biological drugs in the future will allow reduction in prices.
- Market Segmentation
The regional market of North America currently leads the global biological drugs market. The high rate of awareness amongst end-users in this region is the major reason behind stronghold of the biological drugs market in the region. The biological drugs market is also flourishing in Europe due to increased usage of these medicines for chronic conditions such as cancer, diabetes, and inflammatory diseases.
The low cost of manufacturing in Asia-Pacific is attracting investments from global biological drugs manufacturers in these regions, supporting to further growth of the biological drugs market. Moreover, central governments in Asian countries are also supporting growth of the market by increasing investments in biotech companies for research and development of novel biological drug formulations.
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